TVA Invests in ETSU High Tech Business Incubator
June 17, 2003
JOHNSON CITY, Tenn. — TVA will invest $200,000 in East Tennessee State University’s plans to develop phase two of the university’s business incubator, the Innovation Laboratory.
The regional business incubator is the first in northeast Tennessee dedicated to high-tech and biotech businesses. The mission of the laboratory is to link entrepreneurs with investors to facilitate the creation of technology-based start-up and spin-off companies. Business incubators offer entrepreneurs access to shared services, equipment, building space and hands-on management assistance.
Last year, ETSU transformed the former Marine Corps Training Center on West Market Street in Johnson City into a business incubator for new and emerging technology companies. TVA’s investment in the Innovation Laboratory will be used to renovate another 4,000 square feet in the facility.
“TVA helps to fuel the economy of the Tennessee Valley not only by providing low cost, reliable power,” said TVA Director Bill Baxter, “but also by helping private companies create jobs through projects like the Innovation Laboratory. We intend for this project to help stimulate high quality companies and jobs for years to come.”
Full Internet connections and state-of-the art teleconferencing also provide the ability for virtual business incubation support to surrounding economically disadvantaged communities in Upper East Tennessee.
“TVA recognizes the value of helping the best and the brightest entrepreneurs stay in this region,” said ETSU President Paul E. Stanton. “The economic development that TVA has helped foster will go a long way for the Tri-Cities area.”
To date, TVA has invested more than $10 million in capital to establish the TVA Business Incubator Network, which has business incubators at 24 sites across the Valley. These projects have leveraged more than $35 million and created 1,200 companies with more than 6,600 jobs.
TVA is the nation’s largest public power producer, and is completely self-financed. TVA provides power to large industries and 158 power distributors that serve 8.3 million consumers in seven southeastern states.
Media Contacts:
Michelle
Chang, Knoxville (865-632-8108 or 865-548-4420),
Lucha Ramey, Knoxville (865-632-8385), or TVA News Bureau, Knoxville
(865-632-6000)
